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Minister of Business, Trade and Investment, Okechukwu Enelamah, has said the Federal government is committed to economic prosperity and the ease of doing business enterprise in the country.


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The Federal Government has attributed the delay in clearing the backlog of the revived Export Expansion Grant (EEG) payments to prolonged approvals from the National Assembly, adding that efforts are underway to commence the programme quickly.


President Muhammadu Buhari, who was represented by the Minister of Business, Trade and Investment, Okechukwu Enelamah, at the opening ceremony of the Lagos International Trade Fair (LITF) in Lagos, explained that a number of incentives are being introduced.


He explained that the delay in implementation of the EEG revival was due to the procedure of clearing the backlogs, which had been underway.


The President added that the backlog would be cleared quickly as the programme was vital to increasing the capacity of non-oil exports in the nation.


Apart from, he noted that government was ready to intensify its partnership with the organised private sector to improve the ease of doing small business.


Meanwhile, the Lagos State Governor Akinwunmi Ambode, has stated the 2017 LITF will be an avenue for collaboration toward enhancing financial development.


Ambode, represented by Dr Idiat Adebule, Deputy Governor of Lagos State, created the remark on Friday, at the opening of the fair with the theme: "Promoting Industrialisation for Financial Recovery and Sustainable Growth."


Ambode noted that the previous edition of the event was held amid economic recession, but now, the economy had not only exited recession, but had received constructive international rating.


According to him, the rating has shown an improvement in the country’s Ease of Performing Business enterprise ranking of the Planet Bank.


"This constructive improvement is the cumulative impact of policies and reforms being implemented diligently to ensure a conducive environment for business growth and improvement," he mentioned.


The Governor said the large turnout of participants, networking events and volume of transactions recorded yearly are testaments of the trade fair’s relevance in boosting national financial development and recovery plans.


In her comments, Mrs Nike Akande, President of LCCI, stated the theme of the fair was to underscore the vital significance of industrialisation in the nation’s financial recovery and diversification approach.


She said it would also draw interest to the crucial of producing an enabling environment to attract new investments, develop existing ones and the necessity to develop a sustainable economy.


"There is possibly no much better time to do this than now. This is the time to concentrate additional on the non-oil sector for diversification.


"The non-oil economy is more inclusive and integrated. It is also a lot more growth-oriented, characterised by higher economic linkages, stable, and above all, much more sustainable," she mentioned.